Related, East End score $136M refi of Wynwood projects
02.06.2020 | The Real Deal

Related, East End score $136M refi of Wynwood projects

East End Capital and the Related Group closed on a $136 million refinancing of two sister projects in Wynwood.

Blackstone Real Estate Debt Strategies provided the loan for the Wynwood 25 apartment complex and the Wynwood Annex office building, according to a press release. The financing will pay off the construction loans for both projects and return equity to their partners.

About $110 million is set aside for Wynwood 25, a 289-unit, nine-story rental building at 240 Northwest 25th Street, and $26 million is for Wynwood Annex, a 60,000-square-foot, Class A office building at 215 Northwest 24th Street.

Related and East End Capital were the first to open a new rental project in Wynwood, Wynwood 25. Completed in June, Wynwood 25 is nearly 90 percent leased, according to the release. Kobi Karp designed the building and Meshberg Group handled the interiors. Units range from about 400-square-foot studios to three-bedroom apartments. Amenities include a resort-style pool with a deck, fitness rooms with virtual classes, a library with a co-working space, a rooftop lounge and kitchen, pet grooming station, electric car charging stations and valet parking.

Retail tenants at Wynwood 25 include Salt & Straw, an ice cream shop, and Uchi, a Japanese restaurant out of Austin. They’re expected to open in the spring. Wynwood 25 has 25,518 square feet of retail space.

Next door, at the completed Wynwood Annex, tenants include Live Nation, which took 8,000 square feet. The office building has 4,429 square feet of ground floor retail space and a rooftop terrace with outdoor seating.

Developer David Edelstein recently sold an assemblage in Wynwood to multifamily giant AMLI Residential for $35 million. AMLI plans to develop that site into a mixed-use project with 321 residential units and 45,000 square feet of retail.